"We are seeing some good signs that our economy is really starting to hum along, although I think it's going to be choppy, as it normally is coming out of a recession," she added.

Still, Mockard describes the fund as keeping to a "plain vanilla" investing style.

"What we're doing is looking for parts of the market where we see opportunity, where stocks are undervalued and there's a misunderstanding of what's really happening," she said. "Those really create interesting opportunities."

There's been another big change for the fund in the past year: the fallout from the market-timing scandal that rocked the mutual fund industry.

Former Putnam Investments CEO Larry Lasser and several portfolio managers were forced out, including James Prusko, who supervised the bond portion of the George Putnam fund.

Mockard now works with some new teammates, but as to her fund, she said, "There's been no change on how anything is done."

The George Putnam fund rose 8 percent over the past year, vs. 10 percent for its balanced-fund peers, reports fund research firm Lipper. On a three-year annualized basis, the portfolio gained 1.6 percent, about 1 percentage point better than its category average.

Mockard said large-cap stocks could offer good value in the months ahead. Oil giant Exxon Mobil
XOM, -1.56%
is among her choices.

The company is a leader in exploration and production, and is also strong in refining and marketing. These areas tend to balance each other as oil prices fluctuate, Mockard said.

In addition, Mockard likes Exxon Mobil's shareholder focus, its large oil reserves, and its low-cost production capability.

Exxon Mobil's stock shed 11 cents to $43.89 on Tuesday.

Hewlett-Packard
HPQ, -1.74%
has topped Mockard's list for more than a year.

Uncertainty from its merger with Compaq is behind it, she said, adding that she expects H-P to benefit from a big pickup in corporate spending.

Shares of Hewlett-Packard added 34 cents on Tuesday to $22.

Masco
MAS, -2.69%
a home improvement products maker, is another selection.

The company is better known through brands including Delta faucets, Behr paint and Saflok locksets.

"People are worried about it being tied to housing," Mockard said. "The reality is that stocks like this are more replacement parts than they are about new home building." Accordingly, she added, if home sales slow as mortgage rates rise, people will focus instead on fixing up their existing homes with a kitchen or bathroom remodel.

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